Gold retraces lower after hitting crucial ascending trendline

Gold had been in a steep uptrend since November 10, recording a fresh all-time high of 2,144 before experiencing a solid correction. Although the bulls attempted to erase this pullback, the upward sloping trendline drawn from its October lows, which previously acted as support, rejected further advances. Given that both the RSI and MACD remain in their positive zones, the price could edge higher to challenge the April resistance of 2,032. A violation of that zone could pave the way for the recent rejection region of 2,048, which also held strong in April and May. Further upside attempts could cease at the April peak ...